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: Press Releases

Summit Exploration and Production Limited, hereinafter SEPL (Kevin Smith, Chief Executive Officer), a subsidiary of Sumitomo Corporation (Kuniharu Nakamura, President and Chief Executive Officer), has farmed out 20% of its interest in the Ranger Prospect, UK North Sea block 15/16d, to Ping Petroleum UK (Ping UK). SEPL and its partner, Ping UK, will drill an exploration well on the block in Q3 2017 and have contracted with Stena Drilling to use the semi-submersible drilling rig, Stena Spey.

Summit Exploration and Production Limited, hereinafter SEPL (Kevin Smith, Chief Executive Officer), a subsidiary of Sumitomo Corporation (Kuniharu Nakamura, President and Chief Executive Officer), has farmed out 50% of its interest in the Avalon discovery, UK North Sea block 21/6b, to Ping Petroleum UK (Ping UK). SEPL and its partner, Ping UK, will drill an appraisal well in Q3 2017 and have contracted with Stena Drilling to use the semi-submersible drilling rig, Stena Spey.

Summit Exploration and Production Limited (“Summit”) announces the acquisition of an additional 50% interest in the P2006 licence containing the Avalon discovery. The acquisition from Enquest Heather Limited (“Enquest”) brings Summit’s total interest to 100%.

The Avalon field was discovered in 2014 in block 21/6b with 2P contingent reserves approaching 30 mmbo. Summit intends to drill an appraisal well in 2017 and expects first oil by mid 2020.

Summit Petroleum Limited, hereinafter SPL (Kevin Smith, Chief Executive Officer), a subsidiary of Sumitomo Corporation (Kuniharu Nakamura, President and Chief Executive Officer), has drilled an exploration well on its Avalon prospect located in UK North Sea block 21/6b and confirmed an oil discovery in good quality Tertiary sands. SPL and its partner in the block, EnQuest Heather Limited are now evaluating the well results toward a potential development.

On October 25th, 2012, the Department of Energy and Climate Change announced that London based Summit Petroleum Limited (CEO Kevin Smith), a 100% subsidiary of Sumitomo Corporation – Tokyo (CEO Kuniharu Nakamura), has been awarded licenses in three offshore, UK North Sea blocks under the 27th Licensing Round.Continue reading »